The Pour Over Today

Bonus Episode: 2024 Election Topics - Taxes

Oct 22, 2024

Dive into the heated debate on U.S. taxes as key political figures weigh in. Discover the contrasting tax policies from both parties: Republicans advocating for lower taxes to drive economic growth versus Democrats pushing for higher taxes on the wealthy to fund social initiatives. Understand the implications of these proposals for the 2024 elections amid concerns over the federal deficit. Plus, explore the connection between financial stewardship and Christian values in political discourse.

09:19

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Quick takeaways

Vice President Harris and President Biden advocate for raising taxes on high earners, emphasizing tax relief for the middle class.

Former President Trump's proposal focuses on tax cuts for corporations, aiming for economic growth despite the potential revenue loss.

Deep dives

Overview of Tax Revenue and Expenditures

In 2022, Americans contributed approximately $6.5 trillion in taxes to various levels of government, with the federal government receiving about $4.4 trillion of that total. Personal income taxes account for nearly half of federal revenue, while payroll taxes contribute just over a third, showcasing the significant role of income-related taxation. On a state level, income taxes serve as the primary source of revenue for most states, though several states like Florida and Texas do not impose a state income tax. Local governments largely rely on property taxes, which are anticipated to constitute 72% of their revenue in 2024, highlighting the diverse sources and impacts of taxation across different government tiers.

Understanding the Landscape of U.S. Taxes

4min

Exploring Tax Policies and Their Impact in the 2024 Election

5min

In a special episode of The Pour Over Today, we’re explaining the debate about taxes, including where VP Harris and former President Trump stand. This is the twelfth episode of our Election Collection, designed to help us grow in understanding and compassion on key 2024 election topics.

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